- Reuters/Neil Hall
Here is what you need to know.
Home prices in China were up again. Prices rose in 64 of 70 major cities compared with a year ago, with Shenzhen price growth slowing to up 36.8% year-over-year in August from up 40.9% in July, Reuters reports.
A Fed rate hike is looking unlikely at this week’s meeting. Fed fund futures data compiled by Bloomberg shows just a 20% chance that the Federal Reserve will raise its benchmark interest rate at Wednesday’s meeting. The data shows a 55.2% probability of at least one rate hike by the end of 2016.
It seems more likely that London will lose its “passporting rights” with a Brexit.Jens Weidmann, the president of Germany’s central bank, says London-based banks will lose their right to operate in the European Union if Britain leaves the EU because they are “tied to the single market and would automatically cease to apply if Great Britain is no longer at least part of the European Economic Area.”
Venezuela’s president says an OPEC deal is close. Nicolas Maduro thinks OPEC and non-OPEC members are close to reaching a deal that will stabilize the oil market. West Texas Intermediate crude oil is up 1.4% at $43.64 a barrel.
Putin’s party scored a big win in the election. With 90% of the votes counted, Putin’s United Russia party had secured 54.3% of the votes and at least 338 of the 450 seats in parliament, AFP reports. The Russian ruble is stronger by 0.7% at 64.8517 per dollar.
Australia’s stock market opened 90 minutes late.It wasn’t until about 1:30 p.m., or 3 1/2 hours after the usual market open, that all listings were available to trade as a technical glitch prevented them from opening.
The biggest hedge fund in the world is worried a Fed rate hike could mess everything up. In a note to clients, Ray Dalio’s Bridgewater Associates said, “Cyclical conditions point modestly but not strongly toward tightening, and the secular backdrop screams that the risks of tightening prematurely outweigh the risks of falling behind.”
Fox is suing Netflix, accusing it of poaching employees.“As our complaint explains, we filed this lawsuit because we believe Netflix is defiantly flouting the law by soliciting and inducing employees to break their contracts,” Fox told Business Insider in a statement. “We intend to seek all available remedies to enforce our rights and hold Netflix accountable for its wrongful behavior.”
Stock markets around the world are up. France’s CAC (+1.4%) leads the gains in Europe after Hong Kong’s Hang Seng (+0.9%) paced the advance in Asia. S&P 500 futures are higher by 9.00 points at 2,141.50.
US economic data is light. The NAHB Housing Market Index will be released at 10 a.m. ET. The US 10-year yield is unchanged at 1.69%.